Compania de Minas Buenaventura SAA (BVN) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Compañia de Minas Buenaventura Third Quarter 2023 Earnings Conference Call. (Operator Instructions) And please note that this call is being recorded.

女士們、先生們，美好的一天，歡迎參加 Compañia de Minas Buenaventura 2023 年第三季財報電話會議。 （操作員說明）請注意，此通話正在錄音。

At this time, I'd like to introduce your host for today's call, Mr. Gabriel Salas, Investor Relations. Mr. Salas, you may begin.

現在，我想介紹一下今天電話會議的主持人，投資者關係部門的加布里埃爾·薩拉斯 (Gabriel Salas) 先生。薩拉斯先生，您可以開始了。

Good morning, everyone, and thank you for joining us today to discuss our third quarter 2023 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr. Aldo Massa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Geology and Exploration Manager; Mr. Roque Benavides, Chairman; and Mr. Rahul Benavides, Director.

大家早安，感謝您今天加入我們討論我們的 2023 年第三季業績。今天的討論將由執行長 Leandro Garcia 先生主持。今天也加入我們的電話會議並回答您的問題的還有財務長 Daniel Dominguez 先生； Juan Carlos Ortiz 先生，營運副總裁； Aldo Massa 先生，業務開發與商務副總裁； Alejandro Hermoza 先生，永續發展副總裁； Renzo Macher 先生，專案副總裁； Juan Carlos Salazar 先生，地質與勘探經理；主席羅克·貝納維德斯先生；以及董事 Rahul Benavides 先生。

Before I hand our call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after the market closed. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions.

在轉交電話之前，讓我先談談一些事項。在布埃納文圖拉的網站上，您會找到我們昨天收盤後發布的新聞稿。請注意，今天的言論包括基於管理層當前觀點和假設的前瞻性陳述。

While management believes that its assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on October 30, 2023.

儘管管理層認為，鑑於目前可獲得的信息，其假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。我鼓勵您閱讀 2023 年 10 月 30 日發布的盈利結果新聞稿中有關前瞻性陳述的完整披露內容。

Let me now turn the call to Mr. Leandro Garcia.

現在讓我把電話轉給萊安德羅·加西亞先生。

Thank you, Gabriel, and good morning to all, and thank you for joining us for today to discuss the quarterly results of the company. On Slide 2 is our cautionary statement, the important information that I encourage you to read.

謝謝加布里埃爾，大家早上好，感謝您今天加入我們討論公司的季度業績。第 2 張投影片是我們的警告聲明，這是我鼓勵您閱讀的重要資訊。

We assume that you have already read the results reported yesterday. Moving on to the next slide. Our presentation will cover the five main topics shown here, and we will be followed by our Q&A session, where our team will be happy to answer your questions.

我們假設您已經閱讀了昨天報告的結果。轉到下一張投影片。我們的演示將涵蓋此處顯示的五個主要主題，隨後將進行問答環節，我們的團隊將很樂意回答您的問題。

Let's begin with some overview of the key highlights for the first 9 months of 2023. Our EBITDA from direct operations for the first 9 months of 2023 has witnessed a 27% increase as compared to the same period of the previous year. It is worth mentioning that the figures do not include the $300 million obtained last year from the sale of our stake in Yanacocha.

讓我們先概述 2023 年前 9 個月的主要亮點。2023 年前 9 個月，我們來自直接營運的 EBITDA 比去年同期成長了 27%。值得一提的是，這些數字不包括去年我們出售亞納科查股份所獲得的3億美元。

Our cash position remains strong in third quarter 2023 due to a strong performance at El Brocal. We are pleased to share that our dividends received from Cerro Verde during the quarter have contributed to $49 million, strengthening our overall financial performance. It is important to note that Cerro Verde has a record in copper production during the third quarter '23 of 430,000 tonnes per day, representing 255 million pounds of copper.

由於 El Brocal 的強勁表​​現，我們的現金狀況在 2023 年第三季仍然強勁。我們很高興地告訴大家，本季從 Cerro Verde 收到的股息已貢獻 4,900 萬美元，增強了我們的整體財務表現。值得注意的是，Cerro Verde 在 2023 年第三季的銅產量創下了每天 43 萬噸的記錄，相當於 2.55 億磅銅。

After completing the processing plant operational readiness, we have successfully resumed operations at Uchucchacua on October 29, and also received approval for the Yumpag project's Environmental Impact Assessment on September 7, enabling Buenaventura to perform metallurgical tests for up to 125,000 tonnes of ore from Yumpag's pilot scope. We are determined with our commitment to sustainability and responsible mining practices, while fostering production.

完成選礦廠的運營準備後，我們於10 月29 日成功恢復了Uchucchacua 的運營，並於9 月7 日獲得了Yumpag 項目環境影響評估的批准，使布埃納文圖拉能夠對Yumpag 試點的多達125,000 噸礦石進行冶金測試範圍。我們決心致力於永續發展和負責任的採礦實踐，同時促進生產。

Although operations at El Brocal, especially -- specifically, the Colquijirca Tajo Norte mine, have temporarily been suspended until the approval of the Environmental Impact Assessment. We are able to continue focusing on increasing the underground production to 12,000 tonnes per day as planned for the following 2 years.

儘管 El Brocal 礦場（特別是 Colquijirca Tajo Norte 礦場）的運作已暫時暫停，直至環境影響評估獲得批准。我們能夠按照接下來 2 年的計畫繼續專注於將地下產量提高到每天 12,000 噸。

Our consolidated production for copper, silver and gold across all the last 3 quarters has had the following results: 44,000 tonnes of fine copper, thanks to the record production at El Brocal. We are on track to achieve the upper range of the guidance; 4.9 million ounces of silver, being El Brocal its main contributor during the fourth quarter 2023, Uchucchacua and Yumpag will contribute almost with 2.8 million ounces to reach the full year guidance; 111,000 ounces of gold with a steady production El Brocal.

我們過去 3 個季度的銅、銀和金綜合產量取得了以下結果：得益於 El Brocal 創紀錄的產量，精銅產量達到 44,000 噸。我們有望實現指導的上限； El Brocal 是 2023 年第四季白銀的主要貢獻者，為 490 萬盎司，Uchucchacua 和 Yumpag 將貢獻近 280 萬盎司白銀，以達到全年指導目標； 111,000 盎司黃金，El Brocal 產量穩定。

Moving on to our cost structure in Slide 5. You can see that our all-in sustaining costs have increased by 34% compared to the 9-month period of last year. This is primarily explained by the whole production decrease at La Zanja, Tambomayo and Coimolache. However, it is important to mention that these figures does not include El Brocal and Cerro Verde with excellent cost performance during the third quarter of 2023.

接下來看投影片 5 中的成本結構。您可以看到，與去年 9 個月期間相比，我們的整體維持成本增加了 34%。這主要是由於 La Zanja、Tambomayo 和 Coimolache 的整體產量下降所致。不過，需要指出的是，這些數字不包括 2023 年第三季性價比出色的 El Brocal 和 Cerro Verde。

Moving on to costs applicable to sales trends. As you can see, the prioritization of copper ore at El Brocal with better operating margins is translating into a 10% cost reduction in the last quarter. Silver costs applicable to sales has increased 29% year-over-year, primarily driven by lower head grades at the Julcani and Tambomayo.

接下來討論適用於銷售趨勢的成本。正如您所看到的，El Brocal 優先生產經營利潤率更高的銅礦石，這意味著上季度成本降低了 10%。適用於銷售的白銀成本年增 29%，主要是由於 Julcani 和 Tambomayo 的原礦品位較低。

However, we expect to reduce costs during the fourth quarter of 2023 with the contribution of Uchucchacua and Yumpag silver houses. Gold cost applicable to sales has remained relatively flat year-over-year, despite the reserve depletion at La Zanja and lower production at Tambomayo.

然而，我們預計在 Uchucchacua 和 Yumpag 銀屋的貢獻下，2023 年第四季的成本將會降低。儘管 La Zanja 的儲備枯竭且 Tambomayo 的產量下降，但適用於銷售的黃金成本仍相對持平。

On the next slide, we are showing the free cash flow generation. During the third quarter of 2023, we have increased our cash position to $20 million, thanks to the excellent performance from El Brocal and the dividends received from Cerro Verde.

在下一張投影片中，我們將展示自由現金流的產生。 2023 年第三季度，由於 El Brocal 的出色表現以及 Cerro Verde 收到的股息，我們的現金部位已增加至 2,000 萬美元。

The EBITDA to free cash flow reconciliation is explained by the following breakdown of the inflows and outlook. El Brocal, Tambomayo and Orcopampa have been the main contributors for the period of 9 months of 2023, while La Zanja, Julcani and Uchucchacua had a negative EBITDA due to lower production for the first two assets, (inaudible) in the Uchucchacua mine. However, we expect to have a positive EBITDA for the fourth quarter, thanks to the resumption of Uchucchacua and the contribution of Yumpag.

EBITDA 與自由現金流調節透過以下流入和前景細分來解釋。 El Brocal、Tambomayo 和 Orcopampa 是 2023 年 9 個月期間的主要貢獻者，而 La Zanja、Julcani 和 Uchucchacua 的 EBITDA 為負，原因是 Uchucchacua 礦場的前兩項資產（聽不清楚）產量較低。然而，由於 Uchucchacua 的恢復和 Yumpag 的貢獻，我們預計第四季度將實現正 EBITDA。

As we have mentioned before, Buenaventura is going through growth -- in a growth phase with an expected CapEx related to Yumpag and San Gabriel. This has been partially offset by the income taxes and the dividends received from Cerro Verde.

正如我們之前提到的，布埃納文圖拉正在經歷成長——處於成長階段，預期資本支出與 Yumpag 和 San Gabriel 相關。這已被所得稅和 Cerro Verde 收到的股息部分抵消。

Moving on to Slide 7. We are focusing the pipeline of the projects that has more than 10 years of life of mine. Also, we have a diversified portfolio of projects in each stage of the viability cycle, enabling Buenaventura to continuously deliver new projects in the following years.

轉到幻燈片 7。我們專注於礦井壽命超過 10 年的專案管道。此外，我們在生存週期的每個階段都擁有多元化的專案組合，使布埃納文圖拉能夠在接下來的幾年中持續交付新專案。

In the following slides, I would like to illustrate our main two projects, Yumpag and San Gabriel. We are relaunching a new Uchucchacua with the Yumpag mine, almost 6 kilometers away from the current mine. This recent restart will extend the life of mine by around 15 years. Yumpag have successfully obtained its environmental permit and have submitted the financial authorization for the deposit depletion. However, in November, we are going to start processing ore from the Camila mine with a permit that allows us to treat up to 125,000 tonnes of ore from the pilot scope.

在下面的幻燈片中，我想說明我們的兩個主要項目，Yumpag 和 San Gabriel。我們正在重新啟動一個新的 Uchucchacua 礦場，該礦場距離目前礦場近 6 公里。最近的重啟將使礦井的使用壽命延長約 15 年。 Yumpag 已成功獲得環境許可證，並已提交了存款消耗的財務授權。然而，在 11 月份，我們將開始加工卡米拉礦的礦石，並獲得許可，允許我們處理試點範圍內多達 125,000 噸的礦石。

Moving on to Slide 10. In the next year, Buenaventura will be focusing most of its efforts in the San Gabriel project because it will be a relevant contributor to the company's value. It will add more than 14 years of life of mine to the company. In this slide, you can see the progress of the project quarter-by-quarter. By the following quarter, we expect to start the field work with the underground contract.

轉到幻燈片 10。明年，布埃納文圖拉將把大部分精力集中在聖蓋博項目上，因為它將為公司價值做出重要貢獻。它將為公司增加超過 14 年的礦山壽命。在這張投影片中，您可以看到專案每季的進度。到下個季度，我們預計將透過地下合約開始現場工作。

On the next slide, we are showing the earth movement activities for the processing plant facility. On Slide 11, you can see the layout of the future plan of the San Gabriel project, with its crushing equipment on the left of the picture, going through the milling and the grinding area to finally reach the carbon leach area. We expect to complete 100% of this facility by the first half of year 2025.

在下一張投影片中，我們將展示加工廠設施的地球運動活動。在投影片11中，您可以看到聖蓋博專案未來規劃的佈局，其破碎設備位於圖片左側，經過銑削和研磨區域，最終到達碳浸出區域。我們預計到 2025 年上半年設施將 100% 完工。

On the next slide, we show a couple of pictures of other components of the project that are processing and plan, such as the mine pond and water treatment plant on the top left. Also, the San Gabriel definitive campsite and the waste dump facility. On the bottom of the slide is the underground portal with its ventilation system.

在下一張投影片中，我們展示了該專案正在處理和規劃的其他部分的幾張圖片，例如左上角的礦池和水處理廠。此外，還有聖蓋博終極露營地和垃圾場設施。滑梯底部是通風系統的地下入口。

Finally, I would like to finish the presentation with a couple of closing remarks. San Gabriel construction will progress faster as the main contractors are already on the project. Total CapEx for the project remains unchanged, and the start of commercial production for the second half of 2025 is maintained.

最後，我想用幾句話結束這場演講。由於主要承包商已經參與該項目，聖蓋博的建設進度將會更快。該項目的總資本支出保持不變，並維持2025年下半年開始商業生產。

Uchucchacua was successfully restarted after 2 years of care and maintenance. Yumpag's environmental permit was approved and production will start in November. El Brocal has a record production of copper this year. Despite the open pit temporary suspension for the 9 months of 2023, El Brocal have reduced consistently copper CAS by 10%, confirming Buenaventura's effort to optimize costs.

經過兩年的維護和保養，Uchucchacua 已成功重啟。 Yumpag 的環境許可證已獲得批准，生產將於 11 月開始。 El Brocal今年的銅產量創歷史新高。儘管露天礦場將在 2023 年暫停 9 個月，但 El Brocal 仍將 CAS 銅產量持續減少 10%，證實了 Buenaventura 優化成本的努力。

Thank you for your attention. I will hand the call back to the operator to open for the line for questions. Operator, please go ahead.

感謝您的關注。我會將電話轉交給接線員，以開啟電話詢問問題。接線員，請繼續。

(Operator Instructions) Our first question today comes from Carlos De Alba from Morgan Stanley.

（操作員說明）今天我們的第一個問題來自摩根士丹利的Carlos De Alba。

So first question is regarding Tambomayo. In the explanation of the production performance, it is noted that in order to reach the mine's upper zone, you were required to do more rehabilitation, and then you will be able to access this high-grade ore. When would you be in a position to reach this high-grade zone? And how much expenses -- or capitalized expenses will you have to incur in order to do so?

第一個問題是關於坦博馬約的。在生產績效的說明中，我們注意到，為了到達礦場的上部區域，需要進行更多的修復，然後才能獲得這種高品位礦石。什麼時候能夠到達這個高級區域？為此，您需要承擔多少費用或資本化費用？

Thank you, Carlos, for your question. Actually, yes, that ore is in the upper part of the mine. But I will let Juan Ortiz to give more explanation and the time line to reach that ore. Please, Juan Carlos.

謝謝你，卡洛斯，你的問題。事實上，是的，那個礦石就在礦井的上部。但我會讓胡安·奧爾蒂斯給出更多解釋以及到達該礦石的時間線。拜託，胡安·卡洛斯。

Thank you, Carlos, for the question. In the upper part of Tambomayo, we are already there. We are mining that area. We expect this year to mine at a certain pace, but due to the rock condition, the ground condition, we need to slow down the rate of extraction from that -- this area. We need to do more reworks on the ground support, do ancillary accesses for the area in order to have more flexibility to mine the upper area of the mine.

謝謝你，卡洛斯，提出問題。在坦博馬約的上部，我們已經到了。我們正在那個地區採礦。我們預計今年將以一定的速度開採，但由於岩石狀況和地面狀況，我們需要放慢從該地區的開採速度。我們需要對地面支撐進行更多的改造，為該區域建立輔助通道，以便更靈活地開採礦井上部區域。

So we're already there. We don't need extra CapEx to add this area into production. We're already there. The only difference is the production rate is lower than we expected. So we are carrying on this production from 2023 into 2024.

所以我們已經到了。我們不需要額外的資本支出來將該領域添加到生產中。我們已經到了。唯一的區別是生產力低於我們的預期。因此，我們將從 2023 年到 2024 年進行這項生產。

And the production in that area or the grade in that area is basically silver. It's around 5 to 7 ounces of silver, 2, 3 grams of gold. So it's a substantial production of silver coming from this area. And now we are offsetting this production with other areas of Tambomayo that are more on the gold value than the silver. That's the difference that you see in our guidance for the rest of the year 2023.

而那個地區的產量或是那個地區的品味基本上都是白銀。大約是5到7盎司的白銀，2到3克的黃金。因此，該地區生產了大量白銀。現在，我們正在使用坦博馬約的其他地區來抵消這一產量，這些地區的黃金價值高於白銀。這就是您在我們對 2023 年剩餘時間的指導中看到的差異。

Another question is on Julcani. Clearly, the mine is losing money, cash capital to sales of 26% in the third quarter. But it is mentioned that there is a new zone of gold and copper and that will begin production during the fourth quarter.

另一個問題是關於朱爾卡尼的。顯然，該礦正在虧損，第三季現金資本佔銷售額的26%。但據說有一個新的金銅礦區將於第四季開始生產。

Would this -- I mean can you talk a little bit more about this zone? And what the implications would be for cost and production? Is this going to allow the mine to turn to the black and make money?

我的意思是你能多談談這個區域嗎？這對成本和生產有何影響？這是要讓礦場轉虧為盈嗎？

Yes, of course, Carlos. Actually, the difference against our budgeted production is the reconciliation of the grades -- the actual grade we are going to reach this quarter and during 2023. However, we have -- we are working on this new area called Rosario. And well, Juan Carlos will give you another -- a big picture of what is -- what are we finding there? Please, Juan Carlos.

是的，當然，卡洛斯。實際上，與我們預算產量的差異在於等級的調節——我們將在本季度和 2023 年達到的實際等級。但是，我們正在致力於這個名為 Rosario 的新區域。好吧，胡安卡洛斯會給你另一個 - 一個大圖景 - 我們在那裡發現了什麼？拜託，胡安·卡洛斯。

Sure Leandro. Yes. In Julcani, you see footprint, how it looks like. We have a core area at the center of the deposit, where we have the main, I would say, from a geological point of view, is the hotter area, and it's surrounded by a ring, where we have all the lead and silver mineralization.

當然是萊安德羅。是的。在朱爾卡尼，你可以看到足跡，看到它的樣子。我們在礦床的中心有一個核心區域，我想說，從地質角度來看，這裡是最熱的區域，它被一個環包圍，那裡有所有的鉛和銀礦化區。

We are producing right now and historically, we have been producing most of our recent silver production from the (inaudible) ring, that's the (inaudible) mine. In that mine, we are hitting now lower-than-expected grades in the stock that we have planned for 2023.

我們現在正在生產，從歷史上看，我們最近生產的大部分白銀都是從（聽不清楚）環上生產的，那就是（聽不清楚）礦場。在該礦中，我們目前的庫存品位低於我們計劃 2023 年的預期。

Rosario area is at the center of the deposit. So it's not far, maybe 500, 400 meters from the existing installs in the (inaudible) area. So we share a lot of infrastructure with (inaudible). This area was originally mined many, many years ago in the upper levels. And now we are accessing this area now below at the (inaudible) level. And we hit the same vein that we have some evidence in surface where we have thicker -- thickness with a higher copper and gold grade than we had in the past in the upper area.

羅薩裡奧地區位於礦床中心。所以它距離（聽不清楚）區域的現有設施並不遠，也許 500、400 公尺。因此，我們與（聽不清楚）分享許多基礎設施。這個區域最初是很多很多年前在上層開採的。現在我們正在低於（聽不清楚）水平的位置訪問該區域。我們發現了同樣的礦脈，我們在表面上有一些證據，我們的厚度比過去在上部區域的銅和金的品位更高。

So we have a long set of veins. Several of them are in the range of 5 grams of gold and 3%, 4% copper. So now it's something new for us. Regarding the historical portion in the last 10 years, we are developing this new area. We have by the development of this area around a small campaign of 2,000 tons of ore that we are passing in the last quarter -- in the last month of the year, maybe in December, we will process this after finishing all the pilot tests in the lab. We will do industrial test with material.

所以我們有很長的靜脈。其中有幾種金含量為5克，銅含量為3%、4%。所以現在這對我們來說是新的。關於過去10年的歷史部分，我們正在開發這個新領域。我們透過該地區的開發，在上個季度進行了 2,000 噸礦石的小型開採活動，在今年最後一個月，也許在 12 月，我們將在完成 2019 年所有試點測試後進行處理。實驗室。我們將用材料進行工業測試。

(inaudible) ore with a value in the order of $350 to $400 per ton of value. And we believe -- we're confident by the evidence that we're having so far in the exploration and development that this area will become a significant player for Julcani in the coming 2 years. We need still to continue the exploration and develop this new area between 2024 and 2025 in order to have a substantial production asset value from this area.

（聽不清楚）礦石的價值約為每噸 350 至 400 美元。我們相信，我們對迄今為止在勘探和開發中所掌握的證據充滿信心，該地區將在未來兩年內成為 Julcani 的重要參與者。我們仍需要在2024年至2025年期間繼續勘探和開發這個新區域，以便從該區域獲得可觀的生產資產價值。

So we have continuous operation from the silver areas, where we are trying to catch the high-grade -- high silver-grade areas and develop in parallel, the area of Rosario. Altogether goes to the same cost basis. That's the reason the cost of Julcani (inaudible) a little bit higher because we are putting everything that we do as expense development in the Rosario area in the same basket as the (inaudible) mine.

因此，我們從白銀地區持續開展業務，試圖抓住高品位——高白銀品位地區，並並行開發羅薩裡奧地區。整體而言，成本基礎相同。這就是 Julcani（聽不清楚）的成本稍微高一點的原因，因為我們將羅薩裡奧地區的費用開發工作與（聽不清楚）礦坑放在同一個籃子裡。

Okay. So Juan Carlos, so cost will increase, but ultimately, this new area will make the mine profitable?

好的。那麼胡安·卡洛斯，成本會增加，但最終，這個新區域會讓礦場獲利嗎？

Yes, that area -- the area. This year and the next year, we will invest in developing this area. It will take like at least 12 -- 18 months to develop and put this area into full production. To be a substantial part, maybe 25% to 30% of the contribution in production in Julcani will come from this area.

是的，那個區域──這個區域。今年、明年我們都會投資開發這個領域。該區域的開發和全面投入生產至少需要 12 至 18 個月的時間。作為一個重要部分，朱爾卡尼的生產貢獻可能有 25% 至 30% 來自該地區。

Of course, we need to complete all the tests and be sure that everything goes fine in the (inaudible) site, along with -- we're assuming high grade for the (inaudible) mine -- historical mine. So it's -- for the next 12, 18 months we'll have a kind of higher-than-expected costs, and then we'll deliver the additional production on Rosario mine.

當然，我們需要完成所有測試，並確保（聽不清楚）現場一切順利，同時──我們假設（聽不清楚）礦場的品位很高──歷史礦。所以，在接下來的 12、18 個月裡，我們的成本將高於預期，然後我們將在羅薩裡奧礦上交付額外的產量。

Our next question comes from Cesar Perez-Novoa from BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Cesar Perez-Novoa。

I have two questions. The first would be on Yumpag. Buenaventura kept the fourth quarter '23 target date for start-up production unchanged. Is there a commercial volume that we should consider from this asset in the final quarter of the year? And if so, at what cost should we assume this for modeling?

我有兩個問題。第一個是在 Yumpag 上。布埃納文圖拉維持 23 年第四季的啟動生產目標日期不變。我們是否應該在今年最後一個季度考慮該資產的商業量？如果是這樣，我們應該以什麼成本來假設這一點進行建模？

And my second question relates to the Marcapunta underground mine. You're increasing production from 10,000 tonnes per day this year to 12,000 tonnes per day over the next 2 years. Could you fine-tune the date for this capacity increase and perhaps guide on the potential copper volume that we should anticipate from the asset in the future?

我的第二個問題涉及馬卡蓬塔地下礦井。您將在未來 2 年內將產量從今年的每天 10,000 噸增加到每天 12,000 噸。您能否微調產能增加的日期，並或許指導我們未來應從該資產中預期的潛在銅產量？

Thank you for your question. Please, Juan.

謝謝你的問題。拜託，胡安。

Yes. On the first one, on Yumpag, we are starting a campaign of about 120,000 tonnes of ore is a part of -- is the final stage of the exploration permit. We have licensed to process around 120,000 tonnes of ore into our Uchucchacua processing plant. So we will start right -- actually we started just doing this test.

是的。第一個項目是在 Yumpag，我們正在開始開採約 12 萬噸礦石，這是勘探許可證最後階段的一部分。我們已獲得 Uchucchacua 加工廠加工約 120,000 噸礦石的許可。所以我們將從正確的開始——實際上我們只是開始做這個測試。

It's a very high-grade ore. It's over 20, 25 ounces of silver. So the idea is to produce -- as we put in our guidance, in the order to almost 2 million ounces of silver in the last quarter that we put in our guidance coming from this area.

這是一種品位非常高的礦石。超過20、25盎司的白銀。因此，我們的想法是，正如我們在指導中所提出的那樣，我們在上個季度從這一領域生產了近 200 萬盎司白銀。

(inaudible) for this production in Yumpag in the range of $11, $12 per ounce of silver. So this is regarding Yumpag. And when we have the operational license, we'll continue mining the same ore body from 2024 in advance, at a rate of 1,000 tonnes per day, with an average rate in the order of 20 ounces, 22 ounces of silver per tonne. So it's a substantial asset for us. It's a very low cost for the combination of Yumpag and Uchucchacua mine.

（聽不清楚）Yumpag 生產的白銀價格為每盎司 11 至 12 美元。這是關於 Yumpag 的。當我們獲得營運許可證後，我們將提前從2024年開始繼續開採同一礦體，開採量為每天1000噸，平均開採量為每噸20盎司、22盎司白銀。所以這對我們來說是一筆重要的資產。對於 Yumpag 和 Uchucchacua 礦的組合來說，成本非常低。

Regarding El Brocal mine, we are now at a production rate in the (inaudible) mine in the rate of 12 -- sorry, 10.5 -- almost close to 11,000 tonnes per day is on fixed. So next year, in 2024, we will -- our target is to stabilize the production in the rate of 11,000 tonnes per day in 2024 and keep developing the mine in order to increase the throughput in 2025 to around 12,000 tons per day.

關於 El Brocal 礦，我們現在（聽不清楚）礦場的生產率為 12（抱歉，是 10.5），幾乎每天接近 11,000 噸是固定的。因此，明年，即2024年，我們的目標是在2024年將產量穩定在每天11,000噸，並繼續開發礦山，以便在2025年將吞吐量提高到每天12,000噸左右。

So the target is to reach 12,000 tonnes per day by middle of 2025. That's the target for the throughput point of view.

因此，我們的目標是到 2025 年中期達到每天 12,000 噸。這就是吞吐量的目標。

Regarding copper production, because the (inaudible) mine is purely copper player. We will be -- our bottom part, of course, is going to be a historic evolution in the rate of 50,000 tonnes of fine copper. But we are looking for opportunity to go over that, increasing not only the throughput, but also the recovery and all opportunities that we have basically on the cost side.

關於銅生產，因為（聽不清楚）礦場是純粹的銅玩家。當然，我們的底部部分將是 5 萬噸精銅產量的歷史性演變。但我們正在尋找機會來解決這個問題，不僅提高吞吐量，而且提高恢復率以及我們基本上在成本方面擁有的所有機會。

As you see, we are reducing the cost -- the producing cost from the (inaudible) mine, and that's our main target. And the main target is to increase production and to decrease the cash cost of the (inaudible) mine.

正如您所看到的，我們正在降低成本—（聽不清楚）礦場的生產成本，這是我們的主要目標。主要目標是增加產量並降低（聽不清楚）礦山的現金成本。

If I may add, there is no need to any CapEx to the plan. We have planned capacity enough to treat the 12,000 tonnes per day. All the efforts are in the mine site to extract the 12,000 tonnes per day from the mine.

如果我可以補充一點，該計劃不需要任何資本支出。我們規劃的產能足以每天處理 12,000 噸。所有努力都集中在礦場，以確保每天從礦井開採 12,000 噸。

Okay. And just to be very clear, my connection is not very stable. But if I heard you correctly, you'll be hitting a stable production of around throughput rates of 11,000 in '24. In the middle of '25, you'll be hitting 12,000 tonnes per day and your minimum copper production would be in the range or at minimum 50,000 tonnes, right?

好的。要先明確的是，我的連結不是很穩定。但如果我沒聽錯的話，您將在 2024 年實現穩定生產，吞吐量約為 11,000 件。到 25 年中期，您的日產量將達到 12,000 噸，而您的最低銅產量將在該範圍內或至少 50,000 噸，對嗎？

That's correct.

這是正確的。

Our next question comes from Omar Avellaneda from Prima AFP.

我們的下一個問題來自法新社 Prima 的 Omar Avellaneda。

I have a couple of questions regarding Cerro Verde. Do you expect to receive dividends during this last quarter of the year? Do you have any information regarding the tax dispute between Freeport and the Peruvian government related to these royalties?

我有幾個關於 Cerro Verde 的問題。您預計在今年最後一個季度獲得股息嗎？您是否了解自由港與秘魯政府之間與這些特許權使用費相關的稅務糾紛的任何資訊？

Thank you, Omar, for your question. I will answer the first regarding the dividend. We know and it's known by everybody that Cerro Verde has an excellent performance. There is some room for dividends, but the decision has not been taken until yet.

謝謝奧馬爾的提問。我將回答第一個關於股息的問題。我們知道，所有人都知道，Cerro Verde 有著出色的表現。有一定的派息空間，但目前尚未做出決定。

So we expect, of course, some dividends, but there is no 100% confirmation. With respect of the trial in CIE, we expect news for May next year, some confirmation or some communication from the CIE of the results of this trial.

因此，我們當然預期會有一些股息，但還沒有 100% 確認。關於 CIE 的試驗，我們預計明年 5 月會有消息，CIE 會對此試驗結果進行一些確認或溝通。

Okay. And if I may, an additional question. Do you have any news regarding this consulta player process in Yumpag?

好的。如果可以的話，還有一個問題。您有關於 Yumpag 中的諮詢播放器流程的任何消息嗎？

Yes. Well, we are working very close with the Minister of Mines. But maybe here with us is Alejandro Hermoza that can give us more color to your -- for the answer.

是的。嗯，我們正在與礦業部長密切合作。但也許亞歷杭德羅·埃爾莫扎（Alejandro Hermoza）和我們在一起可以給我們更多的色彩——尋找答案。

Yes, this process is currently under evaluation from the Social Office of the Ministry of Mines. They're evaluating all the processes that we have had in the past in that operation, and we should have some results from them or some instruction from them in the following weeks.

是的，該流程目前正在接受礦業部社會辦公室的評估。他們正在評估我們過去在該行動中進行的所有流程，我們應該在接下來的幾週內從他們那裡得到一些結果或他們的一些指示。

Our next question comes from [Joslyn Jensen] from Bluecore.

我們的下一個問題來自 Bluecore 的 [Joslyn Jensen]。

Okay. I want to ask about CapEx. If you could provide us more color regarding the CapEx expected for 2024 for the growth projects and also for total and how much CapEx do you expect for Perapice? And when do you expect to start building this project? And how do you expect to fund that CapEx? We have seen that, in this quarter, you have reduced leverage. But do you expect to take more debt? Or which are the available credit lines that you already have?

好的。我想問一下關於資本支出的問題。您能否為我們提供更多有關 2024 年成長項目預期資本支出以及 Perapice 資本支出總額和多少的資訊？您預計什麼時候開始建造這個專案？您預計如何為資本支出提供資金？我們看到，在本季度，你們降低了槓桿率。但你預計會承擔更多債務嗎？或是您已有哪些可用的信用額度？

Thank you. Thank you very much for your questions. It's a relevant issue. Well, the CapEx for 2024 will be mainly -- all the efforts will be for San Gabriel. For the sustaining CapEx, normally, Buenaventura has a budget of $80 million, Trapiche will be around 20 -- between 20 and 30, but maybe Daniel can help us with more exact figures that we are managing as today.

謝謝。非常感謝您的提問。這是一個相關的問題。好吧，2024 年的資本支出將主要是——所有的努力都將針對聖蓋博。對於持續的資本支出，通常情況下，布埃納文圖拉的預算為8000 萬美元，Trapiche 的預算約為20 - 20 到30 之間，但也許Daniel 可以幫助我們提供我們今天管理的更準確的數字。

Leandro, thanks for the question. For year 2024, we are expecting a total CapEx of around $300 million. From this, San Gabriel will require between $180 million to $200 million. And for Yumpag, we will disburse around $25 million. For Trapiche, during 2024, we expect to disburse around $15 million.

萊安德羅，謝謝你的提問。 2024 年，我們預計資本支出總額約為 3 億美元。由此，聖蓋博將需要 1.8 億至 2 億美元。對於 Yumpag，我們將支付約 2500 萬美元。對於 Trapiche，我們預計 2024 年將支付約 1500 萬美元。

Going to the second part of your question, how are we going to fund these cash requirements -- these short-term cash requirements? We count with the cash that we are generating. It's around $200 million of EBITDA. We also count with a cash position of also $200 million. We count with the dividends from Cerro Verde.

回到你問題的第二部分，我們將如何滿足這些現金需求──這些短期現金需求？我們用我們產生的現金來計算。 EBITDA 約 2 億美元。我們也預期現金部位也為 2 億美元。我們計算的是 Cerro Verde 的股利。

And if there is a gap that we estimate that it could be around $100 million or $150 million for a short period of time, we are very close to obtain committed revolving facilities with local banks in the order of $150 million.

如果存在缺口，我們估計短期內可能達到 1 億美元或 1.5 億美元左右，那麼我們非常接近與當地銀行獲得約 1.5 億美元的承諾循環貸款。

We already count with $50 million for a committed line. So that will be the liquidity that we need for the funding of, basically, San Gabriel, Yumpag and our maintenance CapEx.

我們已經預計將投入 5000 萬美元用於一條已承諾的生產線。因此，這將是我們為聖蓋博、Yumpag 和我們的維護資本支出提供資金所需的流動性。

Okay. If I understand correctly, then you said that you already have $50 million in committed credit lines. And do you expect to increase it up to $150 million?

好的。如果我理解正確的話，那麼您說您已經有 5000 萬美元的承諾信貸額度。您預計將其增加至 1.5 億美元嗎？

Yes, that's correct.

對，那是正確的。

Our next question comes from Tanya Jakusconek from Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

Great. Sorry, I fell off the line and had to dial back in. So I really apologize if you've already answered these questions. But I just wanted to know on San Gabriel, where are we on the power line permit? I thought we were going to get it in Q4 of 2023. I just wonder where we are? Did we get it yet? Or are we expecting it?

偉大的。抱歉，我掉線了，不得不重新撥通。如果您已經回答了這些問題，我真的很抱歉。但我只是想知道在聖蓋博，我們的輸電線許可證在哪裡？我以為我們會在 2023 年第四季得到它。我只是想知道我們現在在哪裡？我們收到了嗎？還是我們期待它？

Thank you, Tanya. Thank you, Tanya, for your question. Renzo is with us. He can give you more detail on the process.

謝謝你，塔妮亞。謝謝你，塔妮婭，你的問題。倫佐和我們在一起。他可以為您提供有關該過程的更多詳細資訊。

Sure. We finished all the workshops with the communities. And in November, we should have the public assembly. So probably in December, we should have better news. Not better news, but news. Every thing worked fine so far.

當然。我們與社區一起完成了所有研討會。十一月，我們應該舉行公眾集會。所以也許在十二月，我們應該有更好的消息。不是更好的消息，而是新聞。到目前為止一切都很順利。

Okay. And then maybe, Daniel, again, I apologize if you talked about the Cerro Verde dividend. I think you had given guidance for about $120 million for this year and next. Is this something that we still should be thinking about? Or are we getting anything else from Cerro Verde this year?

好的。丹尼爾，也許，如果你談到了 Cerro Verde 股息，我再次表示歉意。我認為您已經給出了今年和明年約 1.2 億美元的指導。這是我們還該思考的事情嗎？或者今年我們還能從 Cerro Verde 得到其他東西嗎？

We are very optimistic of the cash generation of Cerro Verde. They are generating $2 billion of EBITDA. They have already distributed a total of $100 million. And of course, we expect an additional dividend if the results come in the fourth quarter as we expect.

我們對 Cerro Verde 的現金產生非常樂觀。他們產生了 20 億美元的 EBITDA。他們已經分發了總計 1 億美元的資金。當然，如果第四季度的業績如我們預期的那樣，我們預計會獲得額外股息。

Okay. And then can I just ask one final question, just on the Investor Day that you're hosting in New York on December 4. I'm just trying to understand -- because it's at the end of the year, and I'm just trying to understand at that Investor Day on December 4, are -- besides the updates on the assets like you're giving us and obviously, the development pipeline, will we be getting updated reserves and resources on December 4?

好的。然後我可以問最後一個問題嗎？就在 12 月 4 日你們在紐約舉辦的投資者日上。我只是想了解一下——因為現在是年底，我只是想了解一下。在12 月4 日的投資者日，我們想了解的是，除了您向我們提供的資產的更新以及顯然的開發管道之外，我們還會在12 月4 日獲得更新的儲備和資源嗎？

Yes, Tanya. We will have news in that day. And one -- that is one of the reasons that we postponed the Buenaventura Day for the last month of this year. So we will have news for you.

是的，塔妮亞。那天我們會有消息。其中之一就是我們將布埃納文圖拉日推遲到今年最後一個月的原因之一。所以我們將為您帶來消息。

Okay. So we will have updated year-end 2023 reserves and resources for the company?

好的。那我們將為公司更新2023年底的儲備和資源嗎？

Yes, correct.

是，對的。

Yes. Okay. And then one other thing, will you be providing us 2024 and longer-term guidance as well at the Investor Day?

是的。好的。還有一件事，您會在投資者日為我們提供 2024 年和長期指導嗎？

Yes. Yes. We will be preparing for giving you those numbers.

是的。是的。我們將準備好向您提供這些數字。

Okay. Is it just -- I'm just trying to understand, is it 2024 or is it more years than 2024?

好的。我只是想了解一下，是 2024 年還是比 2024 年更長的時間？

'24 and '25.

'24 和 '25。

And '25, Okay. And then yes. And then just I guess my final question for you is just any updates on -- just geopolitically, what's happening in Peru for us that are far away and just read what's on CNN? So maybe we could have someone who actually lives in Peru, give us an insight on what's happening.

還有'25，好吧。然後是的。然後我想我要問你的最後一個問題是關於地緣政治方面的最新情況，對於我們遠方的、只是閱讀 CNN 節目的我們來說，秘魯正在發生什麼？所以也許我們可以找一個真正住在秘魯的人，讓我們了解正在發生的事情。

And again, the protests that we keep reading about, et cetera. So maybe it would be really nice if someone can provide some insight into what's happening in Peru from a geopolitical standpoint, for investment, and also for anti-mining and protests. Yes.

再說一遍，我們不斷讀到的抗議活動等等。因此，如果有人能夠從地緣政治的角度深入了解秘魯正在發生的事情，無論是投資、反採礦和抗議活動，也許會非常好。是的。

Yes, Tanya, Well, things are like still -- the political situation is steady. The government, the current administration is trying to make all the efforts to book more investment, more private investment. The President, Boluarte, is having some travel, some trips while in Alemania, and this -- yesterday, the Congress authorized her to go to United States to convert and to call for investment in Peru, given the situation and given all the opportunities we have as a country.

是的，塔妮婭，嗯，事情還是這樣——政治局勢穩定。政府、本屆政府正在盡一切努力爭取更多投資、更多私人投資。總統博盧阿特在阿萊曼尼亞期間進行了一些旅行，昨天，國會授權她前往美國皈依並呼籲在秘魯投資，鑑於目前的情況和我們提供的所有機會作為一個國家。

And there is an effort from the Minister of the Economy to maintain and to pass this difficult economic situation because the lack of investment we have had in the last 2 or 3 years due to the political instability. But we are optimistic that the country is going in the right way. We think that, Otarola, the Prime Minister, is trying to politically manage the situation, the -- all the different needs that the country has.

經濟部長正在努力維持和克服這種困難的經濟狀況，因為由於政治不穩定，過去兩三年我們缺乏投資。但我們對這個國家正在走正確的道路感到樂觀。我們認為，總理奧塔羅拉正在努力從政治上控制局勢，以及該國的所有不同需求。

But we are much -- we feel that we are much better than we were 1 year ago. So we are very optimistic. I don't know if here with us is, of course, our Chairman, Roque Benavides. I don't know, Roque, if you want to add some ideas?

但我們感覺我們比一年前好多了。所以我們非常樂觀。當然，我不知道我們的主席羅克·貝納維德斯是否也在場。不知道羅克你是否想補充一些想法？

Well, if I may say, the fact of having the Prime Minister -- the Minister of Mines (inaudible) body language, if I miss it, which gave a lot of support to the industry, I think there is (inaudible) helping the industry to develop the project. And then obviously, the recession that we are going through requires far more investment. And mining is its the main source, if I may say.

好吧，如果我可以說的話，事實上，總理——礦業部長（聽不清楚）的肢體語言，如果我沒有註意到的話，這給了該行業很大的支持，我認為（聽不清楚）可以幫助產業發展項目。顯然，我們正在經歷的經濟衰退需要更多的投資。如果我可以說的話，採礦是其主要來源。

Thank you, Roque.

謝謝你，羅克。

Okay. So Roque, you think that then we are going to see a much more pro-investment support for investment in Peru going forward because of the recession and things that the current administration is doing?

好的。那麼羅克，您認為由於經濟衰退和現任政府正在做的事情，我們將看到對秘魯投資的更多支持？

There is no doubt about that. There is no doubt. I think the president traveling to Germany, traveling to the States in the next few days also shows the interest to attract more investments.

毫無疑問。毫無疑問。我認為總統訪問德國以及未來幾天訪問美國也表現出了吸引更多投資的興趣。

(Operator Instructions) Our next question is a follow-up from Carlos De Alba from Morgan Stanley.

（操作員說明）我們的下一個問題是摩根士丹利的 Carlos De Alba 提出的後續問題。

Yes. On El Brocal, just -- apparently, costs will be increasing in the fourth quarter as the company recognized the deferred shipping costs associated with the lead and zinc inventory. Can you provide a little bit more color on costs were somewhat elevated in the third quarter? So it would be very interesting to know what the implications will be on this comment that you mad in press release...

是的。在 El Brocal 上，顯然，由於該公司認識到與鉛和鋅庫存相關的遞延運輸成本，第四季度的成本將會增加。您能否就第三季成本有所上升提供更多資訊？因此，了解您在新聞稿中憤怒的評論會產生什麼影響將是非常有趣的...

Juan Carlos, please?

胡安·卡洛斯，請嗎？

Yes, we have pre-striping accounts, different pre-striping in our books. That accounts for about $51 million. Because we finished the mining of the current phase of the open pit, we are speeding up the amortization of this amount of money into -- up to the end of this year.

是的，我們有預剝離帳戶，我們的帳簿中有不同的預剝離。這大約是 5100 萬美元。由於我們已經完成了當前階段露天礦場的開採，因此我們正在加快這筆資金的攤銷，直到今年年底。

So it's going to be accelerated amortization because the open pit finalized, not only the mining but also the processing of the ore that we broke up to September this year. So all the stockpiles are going to be processed up to December of lead zinc.

因此，它將加速攤銷，因為露天礦場已經完成，不僅是採礦，而且是我們今年九月分解的礦石的加工。因此，所有庫存的鉛鋅都將加工到 12 月。

And based on that processing rate, we'll be doing the amortization of the $51 million that we have in the different stripping accounts in El Brocal mine. This is pretty much what the main impact on cost because it's a substantial amount in the coming months. It started in the third quarter. It's going to follow the same rate of amortization in this fourth quarter of this year.

根據該處理率，我們將對 El Brocal 礦場不同剝離帳戶中的 5,100 萬美元進行攤銷。這幾乎是對成本的主要影響，因為未來幾個月的金額很大。事情從第三季開始。今年第四季將遵循相同的攤銷率。

Our next question comes from Rodrigo Marietta from AFP Integra.

我們的下一個問題來自法新社 Integra 的 Rodrigo Marietta。

One question. What are the actions you're actually taking to start San Gabriel in the second half of 2025?

一個問題。為了在 2025 年下半年啟動聖蓋博，您實際上採取了哪些行動？

Sorry, Rodrigo, I didn't hear your question as well as I want. Can you repeat it?

抱歉，羅德里戈，我沒有聽到你的問題。你能重複一下嗎？

Yes, of course. So what -- can you explain more maybe on the actions you are taking to start production of San Gabriel in the second half of 2025? Because the construction percentage of the CapEx you already been deploying, I think, 14%. And you changed your guidance. So maybe if you can give a little more on where the action you are doing right now? And if you don't expect any issues with communities? For example, where the actions with communities, so CapEx could be deployed efficiently or not?

是的當然。那麼，您能否更清楚說明您為在 2025 年下半年開始製作《聖蓋博》所採取的行動？因為我認為您已經部署的資本支出的建設百分比是 14%。你改變了你的指導。那麼，也許您可以多介紹一下您現在正在採取的行動嗎？如果您預計社區不會有任何問題？例如，與社區的行動，資本支出是否可以有效部署？

Okay. Thank you. Thank you for your question, Rodrigo. Renzo, maybe you can talk about with you answer.

好的。謝謝。謝謝你的提問，羅德里哥。 Renzo，也許你可以談談你的答案。

Sure. Sure. Thanks for the question. So this year has been a year where we focused on all the preconstruction services and -- so we can receive the main construction teams on site. So by the end of this year, you should have become very much terminated the contractors on the field for the mine work -- or we are assigning the S&P contract and the concrete installation from November.

當然。當然。謝謝你的提問。因此，今年我們專注於所有施工前服務，這樣我們就可以在現場接待主要施工團隊。因此，到今年年底，您應該已經與礦山工作現場的承包商終止合作，否則我們將從 11 月開始分配 S&P 合約和混凝土安裝。

So we're going to be focusing on full construction activities during the whole 2024. In parallel, we started our operation readiness group. So we're going to clearly towards -- a year from now, we're going to have all the manuals. And we're going to start training our people so we can initiate commissioning to the first quarter or second quarter of 2025.

因此，我們將在 2024 年全年專注於全面建設活動。同時，我們啟動了營運準備小組。因此，我們將明確目標是—一年後，我們將擁有所有手冊。我們將開始培訓我們的員工，以便我們可以在 2025 年第一季或第二季開始調試。

And in the social aspect, I think we were in good forms with the communities. No major problems in there. We keep working with them. We have like -- 30% of our people are from within the region, and so we have a good relationship -- contract relationship, work relationship with the communities.

在社交方面，我認為我們與社區的關係良好。那裡沒有什麼大問題。我們繼續與他們合作。我們大約 30% 的員工來自該地區，因此我們與社區有著良好的關係——合約關係、工作關係。

Okay. And one additional question. Do you have concerns about the El Nino phenomenon for next year? Your communities have told you something? What are your current conversations about that topic?

好的。還有一個問題。您對明年的聖嬰現象擔心嗎？你的社區告訴過你一些事情嗎？您目前關於該主題的對話是什麼？

Thank you, Rodrigo. Yes, this is important issue that we have been discussing changes. April this year, we are working very closely to -- with our operations, we are defining all the critical aspects of the -- how the mine effect can affect us.

謝謝你，羅德里戈。是的，這是我們一直在討論改變的重要議題。今年四月，我們正在密切合作，透過我們的運營，我們正在確定地雷效應如何影響我們的所有關鍵方面。

And we have a plan to alleviate all the damage that can be done by this phenomenon. We are working with our manager of safety. And internally, we are coordinating with all the areas to be prepared for this plan.

我們有一個計劃來減輕這種現象可能造成的所有傷害。我們正在與安全經理合作。在內部，我們正在與所有領域協調，為該計劃做好準備。

Okay. And as now, do you have an estimation of how much would you spend to alleviate any circumstances due to this phenomenon? Or you're on -- or do you have any estimations nowadays?

好的。就目前而言，您是否估算過要花多少錢來緩解這種現象造成的情況？或者你正在——或者你現在有什麼估計嗎？

Well, we are looking -- yes, primarily, we are reviewing our capacity of -- to have the stock -- the inventories of our concentrates. We are viewing also we are reviewing the alternative routes that the way we have to access our mines. So we are focusing in the two main issues, to -- all the inflow of material we need and how we are going to get out with our concentrate.

嗯，我們正在尋找——是的，主要是，我們正在審查我們的能力——擁有庫存——我們的精礦庫存。我們也在考慮進入礦場的替代路線。因此，我們關注兩個主要問題，即我們需要的所有材料的流入以及我們將如何集中精力。

So we are planning which are the routes that we can use to establish how good and how prepared are the alternative routes that routes that we have today and also the capacity of how much stock we will have in our -- for our concentrates and how stock -- we need increase, if any, of all our parts and equipment and material we need to continue the production.

因此，我們正在規劃我們可以使用哪些路線來確定我們今天擁有的替代路線的品質和準備情況，以及我們的精礦庫存量和庫存量——我們需要增加（如果有的話）我們繼續生產所需的所有零件、設備和材料。

Our next question comes from Juan Cruz from Morgan Stanley.

我們的下一個問題來自摩根士丹利的胡安·克魯茲。

In light of the CapEx and the projects that you have planned for the next few years, can you tell us what is the minimum cash level that you feel comfortable holding, given where we are in the cycle? And also, how are you guys thinking about the bond maturity in 2026?

根據資本支出和您計劃未來幾年的項目，您能否告訴我們，考慮到我們所處的周期階段，您認為可以持有的最低現金水平是多少？另外，你們如何看待 2026 年債券到期日？

Understanding that there's still enough time to figure out a plan, but given where we are in the rates environment, how much that cost you now? And what would the potential refinancing costs could be? How are you thinking about that, if you are?

了解仍然有足夠的時間來製定計劃，但考慮到我們在利率環境中的狀況，您現在要花多少錢？潛在的再融資成本可能是多少？如果你是這樣的話，你怎麼想？

Thank you Juan for your question. Daniel, can come up with the answer.

謝謝胡安的提問。丹尼爾，可以給答案。

Thanks for the question. For the minimum cash that we consider, we normally estimate 2 months of OpEx, which is around $50 million. So that would be our minimum cash. That's the first question.

謝謝你的提問。對於我們考慮的最低現金，我們通常估計 2 個月的營運支出，約為 5000 萬美元。所以這將是我們的最低現金。這是第一個問題。

The second question is -- the second answer for your second question is, of course, we have a plan for the bond maturity, which is in 2026 in July. We are considering starting the renewal process at the beginning of year 2025. So we should count with a facility or a bond renewal plan executed by July 2025. We are evaluating the -- of course, the interest rates. As of now, they are in a very high level, but we expect that in the year 2025, by midyear, they should have decreased substantially.

第二個問題是──你的第二個問題的第二個答案是，當然，我們對債券到期有一個計劃，是在2026年7月。我們正在考慮在 2025 年初開始續約流程。因此，我們應該考慮到 2025 年 7 月之前執行的融資或債券續約計劃。我們正在評估——當然，還有利率。截至目前，它們處於非常高的水平，但我們預計到 2025 年年中，它們應該會大幅下降。

Okay. And just as a follow-up, given where your cash balance is, which is a healthy one right now at $220-something million, at least as of September, should we expect that you come close to your minimum at any point? Or that's not in the cards?

好的。作為後續行動，鑑於您的現金餘額目前處於健康水平，至少截至 9 月為 220 多萬美元，我們是否應該期望您在任何時候都接近最低餘額？還是這不在卡片上？

No. If we are going -- we are getting close to our minimum, we will exercise our -- the liquidity that we have with the local banks.

不。如果我們正在接近最低限度，我們將動用我們在當地銀行擁有的流動性。

And those facilities are committed?

那些設施都承諾了嗎？

We have one which is committed. And the other one, we are looking for to be committed as well.

我們有一個承諾。另一方面，我們也希望做出承諾。

Okay. So that's the -- ideally, up to $150 million?

好的。那麼理想情況下，這就是 1.5 億美元？

Exactly.

確切地。

And our next question comes from Joslyn Jensen as a followup.

我們的下一個問題來自 Joslyn Jensen 作為後續問題。

Okay. Just regarding production and the strategy you have going forward. And your expectations for this year in Uchucchacua and Yumpag will produce around, well, up to 2.8 million tonnes just in the -- you're assuming that, that will be just in the fourth quarter?

好的。只是關於生產和你未來的策略。您預計今年 Uchucchacua 和 Yumpag 的產量將達到 280 萬噸左右——您假設這只是在第四季度？

Joslyn, million ounces no?

喬斯林，百萬盎司不是嗎？

Yes. Yes. Sorry. Million ounces of silver.

是的。是的。對不起。百萬盎司白銀。

Juan Carlos, please go ahead.

胡安·卡洛斯，請繼續。

Yes. Yes, this is our guidance. As I mentioned, Yumpag is going to be processing this year around 100,000 tonnes, 90,000 to 100,000 tonnes of core, with a grade over 25 ounces of silver per tonne this year.

是的。是的，這就是我們的指導。正如我所提到的，Yumpag 今年將處理約 10 萬噸、9 萬至 10 萬噸核心，今年每噸銀品位超過 25 盎司。

And Uchucchacua will be processing also around the same figure, around 90,000 to 100,000 tonnes of ore in the area of 10 ounces of silver per tonne equivalent because it's a combination of poly metallic -- basically polymetallic gold with silver, lead and zinc. That equivalent grade of that material is in the order of 10 ounces of silver equivalent.

Uchucchacua 也將加工大約相同的數字，每噸當量約 90,000 至 100,000 噸礦石，相當於 10 盎司銀，因為它是多金屬的組合——基本上是多金屬金與銀、鉛和鋅。該材料的當量等級約為 10 盎司銀當量。

So the combination of both that will be processed in campaigns, in batches in the Uchucchacua processing plant will bring us into the order of 2.5 million, 2.8 million ounces of silver by this last quarter of the year.

因此，今年最後一個季度，Uchucchacua 加工廠將分批分批加工的白銀數量將達到 250 萬至 280 萬盎司。

And it will be correct, like to multiply it by 4 to get to that 2024 number more or less or not?

它將是正確的，例如將其乘以 4 即可得到 2024 年的數字或多或少？

In the case of Uchucchacua, yes. In the case of Yumpag, probably we will be getting closer to the average grade of the deposit is more in the range of 20 to 22 ounces is the average. In terms of mine, instead of 25 ounces that we are putting ahead of time speaking out production for 2023. So it will be a little bit less production from Yumpag next year.

就烏楚查庫亞而言，是的。就 Yumpag 而言，我們可能會越來越接近礦床的平均品位，平均品位在 20 至 22 盎司之間。就我的而言，我們提前公佈了 2023 年的產量，而不是 25 盎司。因此，明年 Yumpag 的產量會稍微減少。

Okay. And going forward, I saw in your presentation from Q2 that you are expecting to reduce the operating units. Could you give us more color about it, which operate operating units are you thinking to close.

好的。展望未來，我在第二季的演示中看到，您預計會減少營運單位。您能否給我們更多關於您考慮關閉哪些營運單位的資訊。

This is how it is in our presentation of the second quarter?

這就是我們第二季的演示中的情況嗎？

Yes.

是的。

Well, we don't foresee any current operations to close. It is known by the market that we are struggling with reserves in Orcopampa and Tambomayo due to different reasons, but it's -- and -- maybe is that the reference you have, but however...

嗯，我們預計當前的業務不會關閉。市場知道，由於不同的原因，我們正在為奧科潘帕和坦博馬約的儲備而苦苦掙扎，但它——而且——也許就是你所擁有的參考資料，但是…

Well, it says like -- what -- whether it's in the precise is that you will have -- that you actually have 7 operations, and then you will reduce to 5 operations in 2026 and to -- between 3 and 5 by 2030?

嗯，它說的是——什麼——是否準確地說，你實際上有 7 項手術，然後到 2026 年你將減少到 5 項手術，到 2030 年減少到 3 到 5 項？

Well, we are concentrated in units that we can support. At least we are concentrating in operations in mines that have more than 10 years of life of mine. All the efforts are to increase the long life of our mines. And the strategy is to concentrate in those type of mines.

嗯，我們集中在我們可以支持的單位。至少我們專注於礦山壽命超過10年的礦山運作。所有的努力都是為了延長我們礦山的使用壽命。我們的策略是集中精力開發這些類型的礦場。

So in the time, if any of the current mine doesn't have that characteristic, in that moment, we will decide to close -- to sell -- to -- not continue working in that mine. But our strategy is to focus on mines that have more than 10 years of life of mine. That is the message.

因此，到那時，如果當前的任何礦山不具備該特徵，那麼在那一刻，我們將決定關閉、出售、不再繼續在該礦場工作。但我們的策略是專注於礦場壽命超過10年的礦場。這就是訊息。

Okay. And the revenue mix will still be 50-50 between base metals and precious metals?

好的。基本金屬和貴金屬的收入組合仍將是 50-50 嗎？

We foresee a little change. We were going to be more concentrated in sales coming from copper. It could be around 55%, 60% of our revenue coming from copper in the following year. Due to the increase in El Brocal well, the support of Cerro Verde and also the decreased production that we expect for Orcopampa and Tambomayo somehow offset, of course, by our new project of San Gabriel. In terms of precious metals, we supported by San Gabriel and Yumpag and Uchucchacua.

我們預計會有一些變化。我們將更加專注於銅的銷售。明年我們收入的 55%、60% 可能來自銅。由於 El Brocal 井的增加、Cerro Verde 的支持以及我們預計 Orcopampa 和 Tambomayo 產量的減少，當然會被我們的 San Gabriel 新項目所抵消。在貴金屬方面，我們得到了 San Gabriel、Yumpag 和 Uchucchacua 的支持。

And ladies and gentlemen, with that, we'll be concluding today's audio question-and-answer session. I'd like to turn the floor back over to management for any offline questions.

女士們、先生們，我們今天的音頻問答環節就到此結束。對於任何線下問題，我想將發言權轉回給管理層。

Thank you, operator. The first question comes from Lei Munoz from Forte Capital. What is the level of engineering of San Gabriel, detailed engineering at what percentage? And the CapEx for San Gabriel includes the working capital of the ramp-up?

謝謝你，接線生。第一個問題來自Forte Capital的Lei Munoz。聖蓋博的工程水準如何，詳細工程比例是多少？聖蓋博的資本支出包括提升的營運資金？

Thank you, Len. Renzo can give us more color for that question.

謝謝你，萊恩。倫佐可以為我們提供更多關於這個問題的答案。

Sure. So we're currently at 90% completion of the engineering at this point, kind of indicates that we have enough engineering to place all the purchase orders and service orders. And the remaining 10% is usually field engineering. So support of changes during the construction.

當然。因此，目前我們的工程已完成 90%，這表明我們有足夠的工程來下所有採購訂單和服務訂單。剩下的 10% 通常是現場工程。因此支持施工期間的變更。

And to the second question, yes, it does include the working capital, everything it needs until we move to commercial construction.

對於第二個問題，是的，它確實包括營運資金，以及我們轉向商業建築之前所需的一切。

Thanks, Renzo. The second question comes from Tim Lambert from Lumi Sales. What is the time line for the assumption of mining at Tajo Norte?

謝謝，倫佐。第二個問題來自 Lumi Sales 的 Tim Lambert。假設在 Tajo Norte 採礦的時間表是什麼？

We are planning to resume operation of open pit depending on the permits and the time line for getting all the permits done. But our target is to be receiving by 2026. Production from the open pit to reprocessing plant by the end of 2026, early 2027.

我們計劃根據許可證和完成所有許可證的時間表恢復露天礦的運作。但我們的目標是到 2026 年接收。到 2026 年底、2027 年初從露天礦場到後處理廠生產。

Thanks, Juan Carlos. The third question comes from Javier de Romania from Nicolas Partners. What guarantees the company have given against the credit lines?

謝謝，胡安·卡洛斯。第三個問題來自尼古拉斯合夥人公司的哈維爾·德·羅馬尼亞。公司對授信額度提供了哪些擔保？

These credit lines are unsecured. We don't foresee any guarantees related to these credit lines or any revolving facility that we can obtain for the following years.

這些信貸額度是無擔保的。我們預計未來幾年我們不會獲得與這些信貸額度或任何循環信貸相關的任何擔保。

Thanks, Daniel. At this time, there are no further questions. I would like to turn the call over to the operator.

謝謝，丹尼爾。目前，沒有其他問題了。我想將電話轉給接線生。

Thank you. At this time, we'll close today's question-and-answer session for both audio and offline questions. And I'd like to turn the floor back over to Mr. Garcia for any closing remarks.

謝謝。此時，我們將結束今天的音訊和離線問題問答環節。我想請加西亞先生做總結發言。

Thank you, operator. Before we finish today with our conference call, I'd like to thank you all very much for making the time to be with us. I would also like to remind everyone that we are organizing our Investor Day on December 4 in New York, and you are cordially invited. Thank you again. Thank you very much.

謝謝你，接線生。在我們結束今天的電話會議之前，我要非常感謝大家抽出時間與我們在一起。我也想提醒大家，我們將於 12 月 4 日在紐約舉辦投資者日活動，誠摯邀請您。再次感謝你。非常感謝。

Ladies and gentlemen, that concludes Buenaventura's Third Quarter 2023 Earnings Results Conference Call. We would like to thank you again for your participation. You may now disconnect your lines.

女士們先生們，布埃納文圖拉 2023 年第三季獲利結果電話會議到此結束。我們再次感謝您的參與。現在您可以斷開線路。